The Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2023

In view of the continuing aggression of Russia towards Ukraine, another set of new sanction regulations relating to Russia and Russian activities were published on legislation.gov.uk, the official UK platform for publicizing legal documents. Specifically, the Russia (Sanctions) (EU Exit) (Amendment) (No. 5) Regulations 2023 amend the existing Russia sanction regulations, the Russia (Sanctions) (EU Exit) Regulations 2019 (SI 2019/855), primarily to extend existing trade restrictions and restrict the provision of ancillary services.
In detail, these regulations establish restrictions on the import, acquisition, supply, and delivery of diamonds and diamond jewelry originating in the Russian Federation, including non-industrial and synthetic diamonds, wristwatches, goldsmiths’ or silversmiths’ wares, and others as defined in the schedule to the regulations. They also prohibit the provision of related services such as the provision of technical assistance or financial services in relation to the beforementioned restrictions. The prohibitions do not apply to diamonds and diamond jewelry that have been lawfully imported into UK prior to the establishment of the new regulations and for certain personal use purposes.